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One victim was Mike Robinson, 36, of Downingtown, who said he and his family had invested between $15 million and $20 million with Madoff beginning in the early 1990s - money that is now gone.
Maureen Ebel, a widow who lives outside West Chester, thought she had $7.3 million with Madoff. Her uncle got her into Madoff's fund; he, too, has suffered big losses.
A host of local institutions had received money from foundations that had been invested with Madoff. They included the Association of Paroling Authorities, International, Wallingford ($200,000); Pew Charitable Trusts ($750,000); Trustees of University of Pennsylvania Research, Philadelphia ($117,500); Melmark Home, Berwyn ($25,000); and University of Pennsylvania School of Medicine, Philadelphia ($450,000).
Fallout from the scandal has touched more than just those involved in the case, said Richard A. Levan, a Philadelphia securities lawyer and former assistant U.S. attorney in Washington and senior SEC trial lawyer in Philadelphia, whose clients include a Madoff "feeder fund" whose investors lost money.
"What's changed dramatically is the tone and toughness of the regulators since the Madoff scandal broke," Levan said. "It is palpable. I find they are more active, less flexible, and in search of tougher penalties."
Inquirer staff writers Joseph N. DiStefano and Bob Fernandez contributed to this article.
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